Photo: J.D. Pooley/Getty Images
UPDATE:Manufacturing in the 11th Federal District, which includes Texas, northern Louisiana, and southern New Mexico, surged in February, data from the Federal Reserve Bank of Dallas shows.
The main business index increased from 15.3 to 17.8, far outpacing economist expectations.
The employment sub-index continued to strengthen, hitting 25.2, the highest level in nearly six years.
“labour market indicators reflected a sharp increase in hiring and longer workweeks,” the Federal Reserve said in a statement. “20-nine per cent of firms reported hiring new workers, while 4 per cent reported layoffs. The hours worked index continued to suggest average workweeks lengthened.”
Future expectations remained substantively positive, but fell from highs hit last month. The future general business index declined to 15.9 from 22.3, while the company outlook sub-index moved down to 24.2 from 27.9 in January.
The current production index also tallied impressive gains, moving to 11.2 from 5.8, implying an accelerating growth story in the region. Below, production over the past several years.
Photo: Federal Reserve Bank of Dallas
The Federal Reserve Bank of Dallas is about to announce manufacturing activity for the 11th federal district, with economists forecasting a slight uptick in the main index to 15.8.
That represents a 30 basis point gain from January’s reading.
The 11th district includes Texas, northern Louisiana, and southern New Mexico.